Prize Mining Corporation

Published : August 29th, 2017

Prize Mining Completes Successful Surface Exploration and Identifies 41 Gold Soil Targets on the Daylight and Toughnut Properties

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Keywords :   Diamond | Fall | Gold Eagle | Junior | Metal | Metals | Target | Test |

Prize Mining Completes Successful Surface Exploration and Identifies 41 Gold Soil Targets on the Daylight and Toughnut Properties

CALGARY , Aug. 29, 2017 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (PRZ.V) (MQSP:GR:FRANKFURT) has received all analytical results stemming from 2017 Phase I field activity carried out on the combined Daylight and Toughnut Project areas. A total of 1266 soil results and 326 rock results were received and interpreted. Soil results (map 1) and rock results (map 2) are visible here (https://www.prizemining.com/projects/kena-daylight-gold-project/daylight-property/) with all samples over 1000 ppb Au (1.0 g/t Au) highlighted therein.

The 2017 Phase-I program included a number of prospecting, mapping and rock sampling traverses which resulted in the collection and analysis of 326 rock samples (map 2). Two sample types were collected: 1) 92 grab samples were collected from various known showings, and new veins of interest, in order to verify gold grades and to determine the accessory metal contents (Cu, Ag, Pb, Zn); and 2) 234 composite samples were collected along existing road cuts to assess the metals content of 9 large-width shear systems.

Highlights from the various showings are as follows (map 2):

Toughnut Ridge                  

2.45 g/t Au    

33.4 g/t Ag;

Toughnut Adit                     

20.6 g/t Au    

188 g/t Ag;

Victoria Adit                          

5.28 g/t Au    

2.85 g/t Ag;   

Great Eastern Adit             

6.25 g/t Au    

5.74 g/t Ag;

Great Western Adit 

9.05 g/t Au    

8.6 g/t Ag;

Black Witch                         

5.58 g/t Au    

1.73 g/t Ag;

Gold Eagle showing           

2.87 g/t Au    

8.59 g/t Ag.

"The results of the Phase 1 program have given more strength to the Companies' objective of focusing on high grade targets" stated Feisal Somji President and CEO. "We see soil sample well above the 1 g/t Au range with a high of 8.0 g/t Au and rock samples over 5 g/t Au with one resulting in over 20g/t Au.  These great results have created 41 targets which will be followed up on our Phase II and Phase III programs"

Previously released soil data on the Daylight Project (NR August 15 th, 2017) highlighted more than 50 sample results that returned over the 90th percentile of 100 ppb Au with a best result of 8009 ppb Au (8.0 g/t Au).  The final batch of 2017 soil results is very encouraging. Results from the Gold Eagle trend include 27 samples exceeding the 100 ppb threshold, with up to 577 ppb Au (0.57 g/t Au).  Results from the Toughnut trend, which includes the Ridge and Adit showing areas, returned 38 samples over 100 ppb, including a maximum of 1005 ppb Au (1.0 g/t Au).  Six soil samples from the Black Witch zone returned over 100 ppb, with a best result of 351 ppb Au.

The 2017 soil survey comprises 1,266 samples at typical 100m line spacing and 25m sample spacing, and was designed to infill historical soil geochemical surveys that were carried out by numerous companies between 1980 and 2003. A statistical analysis of the 4152 historical results was carried out and indicates the historical gold grades are of comparable quality to the 2017 results. The net combined database, comprising 5418 soil sample results has been utilized to define 41 gold soil anomaly targets in the Toughnut and Daylight properties (maps 1 &2). These soil anomaly targets (in tandem with geological and geophysical data) will be instrumental in prioritizing future trenching and drilling programs.

The most encouraging of the composite rock results from the 9 road-cut shear systems was obtained from the Great Eastern road-cut area. Sixteen of thirty-four composite samples returned strongly anomalous gold (over 0.1 g/t Au) with a best result of 4.01 g/t Au over 1.5m. Continuous intervals include a northern set of 13 composite sample results which average 0.20 g/t over 125m; and a second set of 14 samples to the south that average 0.37 g/t Au over 40m.  Samples of this type are broadly representative, but results are not as reproducible or consistent as chip or channel samples. They may be subject to positive bias if quartz veining is extensive, or negative bias if extensive recessive-weathering shear zones are present. As these samples were collected from existing road-cuts, they may not be ideally situated to test the best geochemical or geophysical targets. This may (in-part) explain the low gold results obtained from the 70 samples along the new forest service road near the south limit of the Daylight property (map 2).

Several strongly anomalous composite samples were also returned from a new road-cut near the north limit of the Toughnut claims, including one that returned 2.14 g/t Au over 9m. This area of the property has seen very little historical exploration and represents an exciting new target area.

Composite samples are defined as the collection of regularly-spaced, fist-sized rocks over sample intervals of between 1 to 10m in length. 

Diamond drilling programs planned for the fall of 2017." data-reactid="27">Prize will use a combination of the above information, in conjunction with pending ground magnetic and VLF-EM results to refine and direct trenching and Diamond drilling programs planned for the fall of 2017.

Jarrod Brown , P.Geo., a Qualified Person under NI 43-101, has approved the scientific and technical information in this news release.

About Prize Mining Corp.

Prize is a Calgary -based junior mining issuer with offices in Calgary, Alta. , and is listed on the TSX Venture Exchange. Prize is engaged in the acquisition, exploration and development of mining properties. Find out more at: www.prizemining.com.

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SOURCE Prize Mining Corporation


View original content: http://www.newswire.ca/en/releases/archive/August2017/29/c1977.html

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Prize Mining Corporation

EXPLORATION STAGE
CODE : PRZ.V
ISIN : 892714494RC0001
CUSIP : 742704
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Prize Mining is a gold and cobalt exploration company based in Canada.

Its main exploration properties are MUSKOX and YELLOWJACKET / ATLIN in Canada.

Prize Mining is listed in Canada and in Germany. Its market capitalisation is CA$ 56 600 as of today (US$ 42 990, € 38 807).

Its stock quote reached its highest recent level on February 05, 2010 at CA$ 1.00, and its lowest recent point on October 16, 2019 at CA$ 0.01.

Prize Mining has 5 660 000 shares outstanding.

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Financings of Prize Mining Corporation
4/13/2011Announces Closing of Private Placement
2/16/2011Prize Mining Announces First Closing of $ 1.881.600 Private ...
2/16/2011Announces First Closing of Private Placement
7/21/2009Completes Private Placement
6/22/2009Announces Private Placement
8/19/2008Completes Private Placement of Units
9/14/2007Completes Initial Tranche Private Placement Of Flow-Through ...
5/3/2007Completes Initial Tranche Private Placement of Units
Nominations of Prize Mining Corporation
5/10/2011Announces Appointment of Chief Financial Officer and Grant o...
Project news of Prize Mining Corporation
6/10/2010(Yellowjacket / Atlin)Proposed Divestment of its Remaining Interest in the Yellow...
11/9/2009(Yellowjacket)Taku River Tlingit First Nation, Eagle Plains and Prize Mini...
8/27/2009(Yellowjacket)Yellowjacket Mine Achieves Full Commercial Production, New G...
7/13/2009(Yellowjacket)/Eagle Plains Receive Small Mines Permit Approval for Yellow...
6/30/2009(Yellowjacket)/Eagle Plains Complete Ramp-Up to Commercial Production Yell...
6/4/2009(Yellowjacket)Yellowjacket Mill Completes Modifications & Commences Bulk-S...
5/13/2009(Yellowjacket)Yellowjacket Gold Project Commences Operations, Atlin, BC
2/28/2009(Yellowjacket / Atlin)/Eagle Plains Enter Letter of Intent to form Joint Venture t...
2/5/2009(Yellowjacket / Atlin)Leases Portion of its Atlin Placer Property
12/4/2008(Yellowjacket / Atlin) Continues to Produce Gold Bars from Yellowjacket Zone
9/3/2008(Yellowjacket / Atlin)First Gold Bar of 2008 Shipped From Site Yellowjacket Zone, ...
8/28/2008(Yellowjacket / Atlin)Semi-Autogenous Grinding(Sag) Mill is on Site –- Processing ...
8/14/2008(Yellowjacket / Atlin)Bulk Sample Processing Continues on Yellowjacket Zone, Atlin...
8/6/2008(Yellowjacket / Atlin)Update on Yellowjacket Zone Bulk Sample Processing, Atlin G...
9/20/2007(Muskox)Provides Update Regarding Silvermet Inc.'s Drilling Program ...
8/30/2007(Yellowjacket / Atlin)Commences 10,000 Tonne Bulk Sample Processing
6/20/2007(Muskox) JV Partner Commences Drilling Muskox Nickel/Platinum Projec...
5/23/2007(Yellowjacket / Atlin)Yellowjacket Zone Trial Mining Program Ahead of Schedule
4/27/2007(Yellowjacket / Atlin)Agreement to Purchase Atlin Placer Property
4/12/2007(Muskox)Joint Venture Partner Has Mobilized Drill Rig for 2007 Musko...
3/20/2007(Yellowjacket / Atlin)Bulk Sampling Program Update -- Yellowjacket Zone, Atlin, BC
Corporate news of Prize Mining Corporation
1/21/2012Announces Date of Shareholders' Meeting and Termination of I...
7/12/2011Announces Changes to its Board and Executive Team
3/21/2011Announces Proposed Private Placement
2/22/2011Announces Second Closing of Private Placement
7/15/2010Annual General and Special Shareholders' Meeting Update
6/23/2010Announces Termination of Earn-in Agreement
1/20/2010Announces Conversion of Debenture
10/7/2009Eagle Plains/ Prize Mining Pour Gold at Yellowjacket Project
9/1/2009Announces New Management and Board Members
8/18/2009Corporate Update
5/20/2009Annual General and Speci
9/12/2008East End Test Blocks Now Being Processed
8/21/2008Processing of Cross-Section Through Gold-Rich Zone Underway
7/23/2008Provides Update on 10,000 Tonne Gold-Bearing Bulk Sample
7/10/2008Termination of Letter of Intent to Complete Business Combina...
6/26/2008Teras Resources Inc. And Boxxer Gold Corp. To Complete Busin...
10/7/2007Announces Proposed Acquisition of the Red Ridge Property
9/12/2007Announces Proposed Acquisition of the Primrose Molybdenum Pr...
9/10/2007Ships First Gold Concentrate to Refinery
7/31/2007Announces new Chief Financial Officer
7/23/2007Yellowjacket Zone Trial Mining Program Progresses
5/16/2007Announces Bob Ashauer Appointed As Chief Financial Officer
4/4/2007Purchases Knelson Gravity Processing Plant
3/27/2007Mining's Joint Venture Partner Prepares Major Drill Program ...
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